Fri AM Briefing Preparing For Our Emini Trading Room 09/27/2024
Preparing ES & NQ Traders
For Our Emini and Micros Futures Trading Room
RESOURCES:For Our Emini and Micros Futures Trading Room
TRANSCRIPT:
Welcome ES MES Futures Traders
Welcome to the AM briefing. Happy Friday, September 27th—end of the week, end of the quarter. So, let's wrap up this Armor of God series that we’ve been going over all week. I love it! If you want to research it, it’s in Ephesians 6.
“In addition to all this, take up the shield of faith, with which you can extinguish all the flaming arrows of the evil one.”
What are the flaming arrows? They are doubts, accusations, thoughts like “You’re not good enough,” or “Who do you think you are? No one’s going to believe you.” Those are the flaming arrows that you use your shield of faith against.
Take up the helmet of salvation—that’s about protecting your mind, staying well-read. And the sword of the spirit, which is scripture. Just like Jesus said to the Pharisees, “Have you read?” and to the devil, “It is written.” You need to know the Word.
I love the Armor of God, and I hope you enjoyed going over that with us this week.
Let’s Get Into It
Welcome to AM Briefing #270, brought to you by microstrader.com. Together, we trade better. We are an ES MES Futures trading room with a solid system. If you’d like to check us out, go to microstrader.com.
There are timestamps below, and an archive of every AM briefing is on my website. If you’re new to the group, make sure you earn the badges; it’s the coaching that’s included in your membership. I don’t just throw up some videos and wish you good luck. No—you get to post your chart, and I will review it. You can also post in the group, and my members will review it too. You are not alone. We all trade the same chart and look for the same trades.
Grab yourself a Zoom pass if you want to check us out. I’m offering a monthly Zoom pass right now, though it doesn’t include Discord or training. But you can watch the AM briefing every morning, absorb the system, and see how we call out trades. You’ll learn what we’re doing.
Our next YouTube live is Tuesday morning. Join us live! If you like what we’re doing here, please like, share, subscribe, and spread the word.
Tip of the Day
Trading is a mental and emotional game. Teaching you to draw the levels doesn’t take long, but teaching you how to trade within a mental and emotional framework? That can take years.
I want you to go into the weekend as a winner today. If you’re up two points this week, don’t trade today. Go into the weekend a winner, and protect your mental and emotional game. Today is Capital Preservation Day, and I take that seriously. My daily goal is 10 to 50 points. I trade the MES, and since I’ve already made my weekly goal, I’m going to be extra cautious today.
News Drivers
One hour before the market opens, we’ll watch the news live. The PCE candle and consumer sentiment report come out 30 minutes after the open. We know it’s the end of the quarter, and next week new inflows of capital should bring more volatility. This week has been less exciting for trading, to be honest.
Today, the charts are going to have to force me to trade. It’s Friday—don’t give your week back. Trade with a smaller daily loss limit or risk a percentage of your weekly profit, but go into the weekend as a winner.
Yesterday’s Review
On the main chart yesterday, I outlined the trade I was interested in during the AM briefing. I drew it out for my members on Zoom with additional notes. NQ and Russell followed the expected patterns, but the Dow did not. I mentioned that if the bears were going to take control, it should have been relatively easy—but the bulls remained in control.
I took a couple of trades: a short that didn’t yield much, and another that paid off well. I ended up capturing 10 points, but missed an opportunity for an additional 20 points by not reentering. That’s the reality of trading—you can’t catch every move.
The key level yesterday was 7350, which I gave out as a marker. The bears struggled to get below it, and the bulls maintained control.
ES Chart: Where Are We At?
Overnight, the market didn’t do much, staying within the range. Thursday’s high is worth noting as a measuring device, and we’re still hovering above it. The sessions are stacking north, indicating potential bullish movement. If we break below 7350, we might see a move toward the next strong level.
Next Week’s Outlook
Next week, we have big news drivers: Powell’s speech, the JOLTS report on Tuesday, and the nonfarm payrolls at the end of the week. These should inject some volatility into the market, making it an exciting week for trading.
ES Chart II: Levels to Mark
Make sure to mark the all-time high, yesterday’s high, and the 7350 level. If we get under 7350 and start laddering down, I’ll be looking for potential trades.
Bull Bear Line: Overnight Bull-Bear Scorecard
Right now, I have to give the edge to the bears. The sessions are stacking down, and we’re below the VWAP. However, the overall picture is back-and-forth, with no clear winner.
Wrapping Up
The bears have a chance to push the market down, but it’s Friday—anything can happen. We’ll trade the market as it’s presented, paying attention to the trends and the direction of the indices.
Good luck today! Stay green, and to learn more about our group, visit microstrader.com.
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